Card and Krueger proudly announced the repeal of the most fundamental law of economics: “Our empirical findings challenge the prediction that a rise in the minimum reduces employment. Relative to stores in Pennsylvania, fast food restaurants increased employment by 13 percent.” Except they didn’t. Their data, gathered by telephone survey, turned out to be “so bad that no credible conclusions can be drawn,” another study concluded. Other economists used actual payroll data instead of a phone survey and found just the opposite: the state-mandated pay hike reduced employment.
“Let’s hope that labor economist Alan Krueger, as he assumes his new position as Chief Economist to the President, remembers that demand curves really do slope downward,” Perry concludes.
Once again, it appears that Obama has hired the best incompetence that money can buy.
When it comes to economics, it’s the Democrats that are anti-science. Especially on the dismal one.
In Argentina, everyone acknowledges that fascism, state capitalism, corporatism – whatever – reflects very leftwing ideology. Eva Peron remains a liberal icon. President Obama’s Fabian policies (Keynesian economics) promise similar ends. His proposed infrastructure bank is just the latest gyration of corporatism. Why then are fascists consistently portrayed as conservatives?
Because the Left are always historical revisionists. They have to be to sucker the next generation of rubes.
There was some buzz in the space blogosphere a few days ago when there was an FAA notice issued that Blue Origin would be doing a test flight, and then we heard nothing else. Well, here’s what happened, apparently. It’s nice to see them being a little more open (actually, a lot more — this is almost Armadillo-like in their letting it hang out). Hope we’ll get more details on what went wrong.
The folks at Moon’n’Back did a video interview with me at the Space Frontier Conference. It’s not working for me, but here’s Part 1. I don’t remember what I said. I was probably huffing rocket fuel.